Review of Best Egg: A Detailed Analysis Of The Company
With the rise of online banking, it’s easy to get pulled into a shady company offering quick and easy loans with very little information. But is Best Egg a legit company or just a scam?
In this article, we are going to review Best Egg, which is a loan company that has been around since 2014. We are going to see what services they offer, who they serve, and if it’s actually worth your time. On top of that, we will also discuss customer reviews, interest rates, customer service, and more to determine if Best Egg is legit and right for you.
If you are considering taking out a personal loan, you may have come across Best Egg company. They offer personal loans from 2,000$ up to 50,000$ with both fixed and variable interest rates and terms that last three to five years.
It’s important to note that they have origination fees and late payment penalties, but you can check your rate without affecting your credit score on their website. We will talk more about those fees later in the article.
| Best Egg Website | https://www.bestegg.com/ |
| APRs | 8.99% to 35.99% |
| Loan Amount | 2,000$ – 50,000$ |
| Loan Terms | Up to 60 months |
| Origination Fee | Between 0.99% and 5.99% |
| Prepayment Fee | No |
| Immigration Status Considered | Yes |
| Employment Statuses Considered | Yes |
| Credit Score Range | 640-700 |
| Intended Use | Personal use |
| Joint Loan Applications Accepted | No |
| Verification Documents Required | Yes |
| Late Fee | Up to 40$ |
| Minimum Credit Score | 640 |
| Minimum Income | Annual income of 100,000$ |
| Loan Purpose | Debt consolidation, credit card refinancing, home improvement, medical expenses, moving or relocation expenses, vacation, taxes. |
| Supported Income Types | N/A |
| Time to Receive Loan Money | 1 – 3 business days. |
| Other Requirements | N/A |
Is Best Egg Legit or Scam? Regulation and Security
When it comes to online lending, there are always going to be questions about legitimacy and security. So, is Best Egg a legitimate company? Are they a scam or are they safe? What kind of regulations and security do they have in place?
The short answer is yes, Best Egg is a legitimate and safe company that offers loan services. And they have a number of regulations and security measures in place to protect their customers.
As we have mentioned, Best Egg is a real and legit company that is well-established with a good reputation. They have been in business for over 5 years and have funded over 5$ billion in loans. They are also accredited by the Better Business Bureau (BBB).
Best Egg takes its regulations and security very seriously since they are fully compliant with all federal and state laws and regulations.
Best Egg Pros & Cons
When it comes to finding a reputable company, there are both pros and cons to consider. Best Egg is one such company that has both positive and negative reviews.
Best Egg had a good reputation for providing great loan services. But, on the downside, some customers have complained about the quality of customer support, and others have said that they were declined loans they were eligible for. All of this resulted in them getting a much lower rating than they used to have.
Overall, it seems that Best Egg is a decent company that offers a good product, but there are some drawbacks to keep in mind.
Pros
- Offers online and over-the-phone applications
- Conducts soft inquiry that doesn’t affect your credit score
- Easily accessible rates on their website
- No prepayment penalties
- Has an auto-payment discount of 0.5%
Cons
- High maximum APR
- Does not accept borrowers with new or no credit
- Has an origination fee
- Has late fees
- Low loan amounts
- A lot of bad reviews
What Fees Does Best Egg Charge?
When it comes to personal loans or any other type as well, there are a few key factors to consider:
- Interest rate
- Loan amount
- Repayment term
Best Egg’s interest rates start at 7.99%, which is lower than the average personal loan rate of 9.41%. And depending on your creditworthiness, you could qualify for an even lower rate. For example, if you have excellent credit, you could get a 3-year loan with an interest rate as low as 7.49%.
They also charge an origination fee from 0.99% to 5.99% for all of their loans, as well as a late payment fee of up to 40$ and a failed payment fee of up to 10$. Additionally, Best Egg does not charge any prepayment penalties for their loans.
Does Best Egg Charge an Origination Fee?
As we have mentioned above, Best Egg does charge an origination fee. But this is a one-time fee charged by the lender at the time of issuing the loan.
This fee is usually a percentage of the loan amount. And it is paid to the lender for processing the loan application and approving the loan.
With the Best Egg, you can expect your origination fee to be anywhere from 0.99% to 5.99%, depending on the loan type and amount you are looking to borrow.
Does Best Egg Charge a Late Fee?
When it comes to the late charge fees, as many other loan companies, Best Egg does charge it. In case you are late on a payment, Best Egg will charge a late fee of up to 40$.
While this may sound like a lot, keep in mind that it is still much lower than the typical late fee charged by other lenders. Overall, this amount will be deducted from you only in case you are late with making your monthly payments.
Lastly, don’t overlook the fact that they offer an auto-payment discount of 0.5%.
Does Best Egg Charge Prepayment Fees?
Usually, many online lenders charge prepayment fees since they consider doing so a breach of the contract. That’s why repayment fees are charges assessed by a lender when a borrower pays off their loan ahead of schedule.
Best Egg does not charge prepayment fees on any of its loans. While there may be some minor costs associated with paying off your loan early, these fees will be clearly disclosed in the loan agreement. This surely is a big plus as you don’t have to be stuck with a loan for a full term.
Is the Best Egg Reputable?
Best Egg was founded in 2014 and is headquartered in Salt Lake City, Utah. As of September 2020, the Better Business Bureau (BBB) gave Best Egg an A+ rating and accreditation. Which is a very prestigious rating for online lenders.
They also have an average customer review rating of 4.6 out of 5 stars on Trustpilot, with nearly 3,000 customer reviews. The most common complaints include issues with customer service and problems with loan funds being released.
Overall, because of many bad reviews in the past year, we would not advise that you get involved in any business with them. Based on their history, reviews, and accreditation from the BBB, it seemed that they were a reliable company that offered fair terms on personal loans but in recent times, they are no longer that.
Best Egg Summary
- Best Egg is an online lending platform that provides competitive unsecured and secured personal loans for everything from credit card refinancing to vacations abroad.
- They offer their services through Cross River Bank and Blue Ridge Bank and have a wide range of terms and loan amounts.
- Best Egg has an A+ rating with the Better Business Bureau and mainly positive reviews online.
- By choosing this company you won’t have any prepayment fees which is always a plus when it comes to online lenders.
FAQs About Loan Company
- Can I trust Best Egg? Best Egg has an A+ rating with an average customer review of nearly five stars.
- Who is Best Egg owned by? Best Egg is both owned and operated by financial technology company Marlette Holdings Inc.
- Does Best Egg verify income? Yes, they verify income through various ways including bank statements and employment history.
